Mound cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMoundMinnesotaNational
Cost of living index105102100
IndexMoundMinnesotaNational
Goods & Services index110107100
Groceries index105107100
Health care index103108100
Housing index105101100
Transportation index10198100
Utilities index9387100
The above illustration supplies generalized information for the Mound, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Mound, MN is 105, which is 3% higher than the Minnesota average and 5% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Mound, MN are 3% higher than the average for Minnesota and 10% higher than the rest of the country.

Did you know?

  • The cost of living in Mound is 3% higher than the Minnesota average.
  • The cost of living in Mound is 5% higher than the national average.
  • The cost of housing in Mound is 5% higher than the national average.
  • Minnesota general sales tax is 35% higher than the national average.
  • Minnesota state income tax is 141% higher than the national average.

Find Real Estate Listings In Mound

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Mound

Compare Mound, MN Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator allows you to compare how much your current salary in Mound, MN would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Mound, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Mound, MN salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$84,207$7,017$1,965$2,526
Renters$37,159$3,097$867$1,115
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Mound, MN, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Mound, MN has a median income of about $84,207 for people who own homes. Based on that number, a person should spend a maximum of $1,965 on expenses related to housing. Renters have a slightly different median income, which is $37,159. Based on this average, renters should spend no more than $867 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Minnesota Sales Tax

StateGeneral Sales TaxWith Max Surtax
Minnesota6.875%7.875%

Minnesota Income Tax

StateIncome Tax (Low)Income Tax (High)
Minnesota5.35%9.85%
The Minnesota sales tax and Minnesota income tax rates should definitely be considered when determining the overall cost of living in Mound, MN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Minnesota sales tax is 6.875% and the maximum surtax is 7.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Minnesota income tax rates range from 5.35% to 9.85%.

Goods & Services

ItemMoundNational avg.Difference
Haircut $22.60$14.5954.9%
Beauty Salon $33.37$34.683.8%
Toothpaste $3.44$2.4739.1%
Shampoo $1.05$1.022.7%
Movie $9.80$9.870.7%
Bowling $4.06$4.397.6%

Groceries

ItemMoundNational avg.Difference
Ground Beef $3.63$4.4818.9%
Fried Chicken $1.85$1.4626.4%
Milk $2.33$2.361.1%
Potatoes $3.12$3.061.9%
Pizza $10.58$9.2414.5%
Beer $8.48$8.631.8%

Health Care

ItemMoundNational avg.Difference
Optometrist $82.75$99.7817.1%
Doctor $133.63$105.0327.2%
Dentist $84.81$88.704.4%
Ibuprofen $11.66$9.4123.9%
Lipitor $252.50$298.5015.4%

Housing

ItemMoundNational avg.Difference
Home Price $204,100.00$175,700.0016.2%
Avg. Mortgage Payment $1,221.08$1,081.0313.0%
Apartment Rent $740.00$920.0019.6%

Transportation

ItemMoundNational avg.Difference
Gasoline $1.96$2.096.3%
Tire Balancing $54.71$45.2920.8%

Utilities

ItemMoundNational avg.Difference
All Electricity$163.14$170.804.5%
Phone $24.99$28.2611.6%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Montrose, MN2,95298-2%
Hamburg, MN50099-1%
Norwood Young America, MN3,617100-0%
Watertown, MN4,243100-0%
Osseo, MN2,4801011%
Mound, MN9,2051055%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Scaggsville, MD9,20414444%
Shawano, WI9,20288-12%
Charter Oak, CA9,20013131%
Villas, NJ9,19911111%
Fuller Heights, FL9,19895-5%
Mound, MN9,2051055%
Source: The Mound, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.